Potential Risks Nasal budesonide (Rhinocort Aqua, AstraZeneca) is generally well tolerated.. The most commonly reported adverse events( more then 2%) for Rhinocort Aqua and vehicle placebo (a formulation with no active drug) respectively were: epistaxis (nosebleed) - 8 percent vs 5 percent; pharyngitis (sore throat) - 4 percent vs 3 percent; bronchospasm 2 percent vs 1 percent; nasal irritation - 2 percent vs <1 percent; and coughing - 2 percent vs <1 percent.